Hone your craft

Your daily newsletter for February 6, 2019
Precision
Quality is pride of workmanship.
- W. Edwards Deming

Happy Wednesday, CMC fam, and happy Chinese New Year! 2019 is the year of the 'Pig', the 12th of the 12-year cycle of animals in the Chinese Zodiac! 🐷

Today also happens to be the birthday of the late legendary Jamaican reggae singer-songwriter, Bob Marley! 🎶 Till today, he remains an international musical and cultural icon. Bob would've turned 74 today!

In today's newsletter, we will be covering Huobi Group's U.S.-based sister exchange HBUS to offer fiat deposit and withdrawal services, the Zcash (ZEC) team revealing it fixed a critical counterfeit bug and Iran launching a gold-backed cryptocurrency.

Please don't forget to answer the polls down below too! It's a great way for us to interact with you all and hear what you have to say. 💭 Happy reading! 📚

Sigh pie 😌
Here we go again, same ol' 💩 again. 

In the past 24 hours, markets continued on its downward trajectory in making lower highs and lower lows, a pattern it has been trading in since late Dec 2018. Total market capitalization dropped ~$2 billion to ~$111.4 billion, with most coins seeing losses in the ~2-5% range. However, Binance Coin (BNB), currently up ~16.8%, is seeing some pretty good gains today.

Bitcoin is currently trading at ~$3,410, down ~1.3% for the day. RSI levels on the daily chart dropped from ~41 to ~38.5, indicative of further bearish momentum. BTC continues to be breaking yearly lows in search of its bearish market bottom. It is likely that we will see it testing its 2018 low of ~$3,200. 📉 


Opening up 🤗
Huobi Group's U.S.-based sister exchange HBUS, has partnered with Nevada trust company Prime Trust, to provide fiat deposit and withdrawal services for its exchange users. Huobi.com now allows USD-crypto trading for Bitcoin (BTC), Ethereum (ETH) and Tether (USDT). 🙌

According to HBUS's CEO, Frank Fu, this is only the beginning of HBUS's U.S. partnerships and that once regulatory and compliance structures are in place, HBUS will be able to 'offer innovative products and financial services to larger audiences, such as potential ETFs and derivatives.” 👀

According to HBUS's U.S.-based chief compliance officer, Megan Monroe-Coleman, HBUS is also speaking to dozens of other cryptocurrencies beyond the current offering and is putting them through a comprehensive due-diligence process so as to avoid listing "any token projects that could possibly be classified as a security under U.S. securities laws.”

Close call 😅
According to a recent report, the company behind privacy coin Zcash (ZEC) discovered and fixed a "subtle" bug about a year ago that if exploited, would allow the attacker to print an infinite amount of ZEC tokens. 🤯  

Upon discovering the bug, they kept it quiet and quickly pulled together a fix, which they tacked onto Zcash's "Sapling" upgrade that was executed last Oct and only recently revealed it to the public. 

Zcash's marketing director Josh Swihart, director of product security Benjamin Winston, and engineer Sean Bowe explained that the attacker "could have created fake Zcash without being detected" but "the counterfeiting vulnerability has been fully remediated and no action is required by Zcash users.” 👌🏻

Tokenization era 💲
Iran has launched a gold-backed cryptocurrency called "PayMon", a project initiated by 4 Iranian banks Bank Mellat, Bank Melli Iran, Bank Pasargad and Parsian Bank, and blockchain startup Kuknos Company. 😲

The project seeks to tokenize the banks' assets and properties, and will initially issue one billion PayMon through over-the-counter (OTC) crypto exchange, Iran Fara Bourse. 

Blockchain term of the day 🤓 - Bug Bounty

A reward offered for finding vulnerabilities and issues in computer code. It is often offered by cryptocurrency companies like protocols, exchanges and wallets to identify potential security breaches or bugs before they are exploited by unfriendly parties.


Other news 📰
  • Dharma Labs, the startup that built Dharma protocol for decentralized lending businesses, has raised $7 million in a funding round led by Green Visor Capital. Other participants include Coinbase Ventures, Polychain Capital, Y Combinator, Passport Capital, Blockchange and Ripple’s Xpring fund. 💰
  • Twitter CEO Jack Dorsey has passed on Bitcoin’s “lightning torch”, an ongoing payment game wherein each participant adds a little Bitcoin (BTC) to a payment, then passes it onto someone on Twitter that they trust. 💪
  • A former executive at Bitfinex and Tether, Phil Potter, along with crypto finance firm XBTO are launching a clearinghouse for stablecoins. 🤖
Crypto calendar 📅

TBA     - ICE's Bakkt Bitcoin Daily Futures Contract updated launch timeline
TBA     - SEC's ruling on VanEck Bitcoin ETF application

Catch the CoinMarketCap team at these community events! 🤝

13 Feb       - OKEX OTC Network launch event (Bangkok, Thailand)
25-26 Feb  - Crypto Assets Conference (Frankfurt, Germany)
Poll of the Day
On a scale of 1-10 (10 being most difficult), how difficult was it for you to purchase your first cryptocurrency? 💭
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Why was it so? Share with me in the polls! 😆
What you said
"On a scale of 1-10 (10 being most confident), how confident are you now that cryptocurrencies are still a good investment compared to when you first got involved?"

The average vote was 7.8.

"Why or why not?"

Didn't give what i expected ...not yet - Look to the long term. If you believe it has potential don't be too caught up in the short term price swings. 🧐
I believe that crypto’s the future teach it well, and let it lead the way, it just possesses so much beauty - Well said! 👍
Are the future of commercial exchanges. - I certainly believe it is. 👌🏻
Coins not moving very discouraging - I know it can be, but recognize that there will always be cycles! 😊
Less expensive or more affordable form of investment with a huge growth potential - Yes it is more speculative. 
I feel the older established coins and coins and tokens with real uses solving real world problems have huge potential. If you know what your doing there’s tons of profit to be made, if you don’t then perhaps you should look into projects like Covesting (COV) who are creating a copytrading platform so you can copy people with successful trading strategies. - There certainly is still much money left on the table if you look hard enough. 😉
The growing popularity of cryptocurrency is inevitable, it is the progress of all mankind. Modern technologies will dictate their conditions to achieve new ways of doing business, services and production, mutual settlements..... And in this properties blockchain is the best modern solution.
- Spoken like a true Bitcoin maximalist (:
Unfortunately, my assumption is that since December 2017 bitcoin is being controlled. If you look at the price action from December when CBOE And CME got involved in crypto space, so when we got Bitcoin Futures prices have been going down. Once the Wallstreet money from Futures flooded the small crypto space they are not going to let the price spike up back to 20.000 UNLESS everyone involved from Wallstreet has their pockets full of money - maybe then we can see some changes. That is just my theory. Maybe some1 can prove me wrong. - It's hard to imagine any mildly lucrative industry in which whales do not dictate the play of things. 🤔
I give it a 7 out of 10 due to the fact that there is still a degree of uncertainty but then again there is a lot of money backing select cryptocurrencies. - Good thinking. 🤓
If you know which ones to invest in your are going to be a winner. Bad choices lead to bad investments. Crypto or not. - Gotta make those informed, calculated decisions. 👌🏻
Spread your portfolio and one will win eventually! Maybe even topping fiat
i think its a pretty good investment. but one must always invest in a pretty range of products like crypto, land, gold, stocks etc. going 100% on any is not good. also in crypto i see only Bitcoin as a good long term investment product. to some extent blockchains like Ethereum is good, also new ones like Zilliqa, Cardano.. i see Beam & Grin very promising
. - Diversification is key. Gotta limit your downside! 🛡️

Thank you all for reading! Catch you back here again tomorrow for your daily dose of crypto news! 💙
See you again tomorrow!
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